普华永道（PwC）：2022年第三季度中国经济观察报告（中译版）（40页）.pdf

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1、China Economic Quarterly Q3 2022Chinas GDP increased by 3.9%in Q3 and 3%in the first three quarters.Economic recovery remains under pressure amid COVID-19 control policies in Q4.November 2022Major economic indicators p2/Policy updates p11/Hot topic analysis p13Content1Major economic indicators2Total

2、 GDP reached 87 trillion yuan with 3%growth Total fixed asset investment reached 42 trillion yuan,a 5.9%increase Total real estate investment reduced by 8%to 10 trillion yuan PMI rebounded to above 50.1%in SeptemberIndustrial added values grew 3.9%in in the first three quartersTotal retail sales of

3、consumer goods decreased by 0.7%to 32 trillion yuanImports and exports increased by 9.9%to 31 trillion yuan PPI dropped to 0.9%and CPI went up 2.8%in September2456789102Policy updates11Growth of aggregate financing to the real economy reached 10.6%Fiscal revenue decreased by 6.6%while fiscal spendin

4、g grew by 6.2%11123Hot topic analysis:What does the 20th National Congress of the CPC mean for Chinas economy?131Major economic indicatorsChinas economic recovery significantly improved in the third quarter compared to Q2.GDP increased by 3.9%in Q3 year-on-year(YoY)while it was 0.4%in Q2.However,the

5、 COVID-19 control policies might pose a challenge for the domestic economy in Q4.On a quarterly basis,GDP also increased by 3.9%,comparatively it contracted by 2.6%in Q2.Total GDP reached 87.03 tn yuan by Q3,increasing by 3%YoY increase.As a result,it is almost certain that Chinas target annual grow

6、th rate of 5.5%is out of reach.If the current COVID-19 situation in China and economic slowdown across the worldcontinue till the end of the year,it might be difficult to see more than 3%growth in 2022.On the other hand,while many countries are facing high inflation,and some suffer energy shortages,